As 2019 begins, I would like to take the time to reflect on the journey we have taken thus far and briefly share our plans for the year. I shall begin by thanking each of our clients who have been part of the Axiom journey, sharing their feedback and inspiring and challenging us to develop the Axiom platform further.
2018 – the year when the stars came into alignment for AxiomHQ
2018 was a year of growth and change. We got the right product, the right team, the right investors and the right clients. Revenue grew by over 150%, we went from being an early stage start-up to a more mature company with significant in-house technological capabilities. We doubled our team headcount and tripled our product offerings, within the Axiom platform. We committed significant resources to the product, delivery and technical teams. We added new features and finetuned the existing ones to turn Axiom into a slicker product at the point of use.
Our top three achievements in 2018 were transforming the Axiom rules-mapping experience, developing the new management information (MI) suite and achieving the ISO 27001 certification.
Furthermore, we launched two more solutions – Axiom for Senior Management & Certification Regime and Axiom for Third Party Oversight – building on our core competencies to fulfil broader client needs.
What a year!
At the beginning of 2018, we had set the agenda to improve the rules-mapping experience for Axiom users by providing a new front-end. We invested in the right technology to create a user interface that is more intuitive and easier to navigate. This, in turn, helps the Axiom users to easily visualize the relationship among entities such as rules, controls, risks, and processes within the compliance framework.
Axiom users are now able to map their compliance risk framework entities via an intuitive Drag and Drop UI and visually map their organisational structure. This provides increased oversight of functions and responsibilities at all levels of the firm and provides pinpoint insights into risk exposure. Investing in the new mapping experience opened many doors to further the use of Axiom and paved the way for our SMCR solution.
The second half of 2018 saw us launch the new MI system, a self-serve report builder for ad hoc queries. It enables the users to easily extract data from their compliance framework into a report format, giving them better oversight over their compliance process and a quick way to share those insights with colleagues and the board. Our investment into the right technology to build the MI system has ensured that it is scalable and stable, prime for further development work in 2019.
Roadmap for 2019
In 2019, Axiom will be more data-focused. The core features of the platform that our clients have embedded to their BAU will remain the same. However, very shortly, the users will be able to define their own questions to the attestation process and capture these values. Axiom will therefore capture rich quantitative data which can be used to follow and predict risk trends, leading to much more automation of the firm’s risk management process whilst increasing the coverage and depth of the analysis. As the FCA has been increasingly emphatic on the need to understand risk in a methodical way, this will add significant value to our clients.
In addition to the development of the platform and our core competencies, we will be investing in creating more training resources and knowledge-sharing forums like the wildly successful Axiom CASS Club.
Our close relationship with our clients is at the heart of our growth and we will continue to be led by their needs going forward as we make it easier for firms to comply with regulation using the Axiom platform.